The Synthetic Rubber market is a well-established, high growth market which is estimated to grow at 5.53% CAGR. The main contribution to the global market is due to the pre-existing industries in leading regions like the Asia Pacific, which emerged due to the high demand for synthetic rubber. Trinseo, a leading manufacturing company, has taken cost-cutting measures to withstand the probable fall in the tire industry. These measures include the reduction of synthetic rubber production. Sumitomo Rubber Industries, an automotive company, based in Japan, has proclaimed the groundbreaking results of the joint research project with Leibniz Institute of Polymer research. The research has shed light on the mechanism that causes microscopic voids in rubber. The Global Synthetic Rubber market size was around USD 30.5 billion by revenue, at the end of 2018. It is estimated to grow at CAGR of 5.53 % to reach USD 39.92 billion by 2023.
Market Drivers and Restraints:
The increase in the call from the automotive industry for tires which provide smoother, faster, fuel productive rides and have long durability is a crucial driver to the global Synthetic Rubber Market. The continuous demand from the military for tough tires has always driven the global market towards profits. Nevertheless, the global market and its key players are concentrated in the Asia Pacific region which makes it less likely for market expansion to regions like the Middle East & Africa and South America.
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Report Segmented as:
By End-use Industry:
- Building & Construction
- Electrical & Electronics
Geographically, the Global Synthetic Rubber market is segregated into Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America. Asia Pacific had the biggest global market share in the year 2018 and is anticipated to be the quickest-developing market in the forecast period, due to its high CAGR, increasing demand for developing industries and scope of future opportunities, majorly in developing countries like Japan, India, and China. The market value of Europe and North America are far from that of Asia Pacific. The regional advantages offer in the Asia Pacific like low-cost labor, ease of resource availability, makes the market concentrated in that region making North America and Europe slow-developing regions. The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have lesser chances for industry development. Therefore, the Synthetic Rubber market in these regions is slow developing in nature.
Important Market Players:
The leading shareholders of the Global Synthetic Rubber Market by the end of 2018 are LANXESS AG(Germany), Asahi Kasei Chemicals Corp.(Japan), Sinopec Qilu Petrochemical Co. Ltd.(China), Dynasol Elastomers(Mexico), Goodyear Tire and Rubber Company(US), ARLANXEO(Netherlands), Chongqing Changshou Chemical Co., Ltd.(China), Shanxi Synthetic Rubber Group Co., Ltd.(China), Kumho Group(South Korea), Denka Co., Ltd.(Japan), TSRC Corporation(Taiwan), ExxonMobil Chemical Company(USA), Nizhnekamskneftekhim(Russia), Lion Elastomers(USA), JSR Corporation(Japan), SIBUR Holding JSC(Russia), LG Chem Ltd.(South Korea), VersalisS.p.A.(Italy), Firestone Polymers LLC(USA), ZEON Corporation(Japan), Showa Denko K.K(Japan), UBE Industries Ltd.(Japan), Zeon Chemicals LP(USA), Sumitomo Chemical Company Ltd(Japan), Dow Chemical Company(USA) and Tosho Corporation(Japan).
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